Multi-Step Income Statement - three (3) questions Instructions: Please prepare a Multi-Step Income Statement on your scratch paper based on the following Partial Adjusted Trial Balance. Use this multi-step income statement to answer this question and the next two (2) questions. You will need to calculate 1.) Gross Profit, 2.) Operating Income, and 3.) Net Income After-taxes to answer these three (3) questions. Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of Gross Profit on the Multi-step Income Statement for the period ending 12/31/xx?
Multi-Step Income Statement - three (3) questions Instructions: Please prepare a Multi-Step Income Statement on your scratch paper based on the following Partial Adjusted Trial Balance. Use this multi-step income statement to answer this question and the next two (2) questions. You will need to calculate 1.) Gross Profit, 2.) Operating Income, and 3.) Net Income After-taxes to answer these three (3) questions. Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount of Gross Profit on the Multi-step Income Statement for the period ending 12/31/xx?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Adjusted Trial Balance
December 31, 20xx
Accounts
Debit
Credit
Cash
$25,503
Accounts Receivable
50,000
Inventory
100,000
Prepaid Rent
4,000
Equipment
Accumulated Depreciation
150,000
$ 50,000
Accounts Payable
25,000
Deferred Revenue
25,000
Current Portion Long-term Debt
10,000
Long-term Debt
Bonds Payable
50,000
75,000
Common Stock
25,000
Treasury Stock
Retained Earnings
50,000
Dividends
5,000
Revenue
150,503
Cost of Goods Sold
75,000
Salaries Expense
5.000
Rent Expense
25,000
Insurance Expense
5.000
Depreciation Expensc
10.000
Interest Expense
2.000
Income Tax Expense
4.000
Totals
$460,503
$460.503

Transcribed Image Text:Multi-Step Income Statement - three (3) questions
Instructions: Please prepare a Multi-Step Income Statement on your scratch paper based on the following
Partial Adjusted Trial Balance. Use this multi-step income statement to answer this question and the next two
(2) questions. You will need to calculate 1.) Gross Profit, 2.) Operating Income, and 3.) Net Income After-taxes
to answer these three (3) questions.
Question: Based on the Multi-step Income Statement you prepared on your scratch paper, what is the amount
of Gross Profit on the Multi-step Income Statement for the period ending 12/31/xx?
Adjusted Trial Balance
December 31, 20xx
Accounts
Debit
Credit
Cash
$25,503
Accounts Receivable
50,000
Inventory
100,000
Prepaid Rent
4,000
Equipment
Accumulated Depreciation
150,000
$ 50,000
Accounts Payable
25,000
Deferred Revenue
25.000
Current Portion Long-term Debt
10,000
Long-term Debt
50,000
ASUS
f4
f5
f6
E3
47
f8
0/
f9
f10
f11
4
5
7.
8.
9.
图
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